The Michaels Companies Announces Third Quarter Fiscal 2016 Financial Results and Increase of Share Repurchase Program

  • Total net sales increased 5.0%; comparable store sales decreased
    2.0%
  • Operating income of $146.3 million compared to $155.9 million in
    fiscal 2015; adjusted operating income of $148.6 million
  • Diluted EPS of $0.37 compared to $0.37 in fiscal 2015; adjusted
    diluted EPS of $0.40
  • Management provides updated guidance for fiscal 2016 adjusted
    diluted EPS to be between $1.86 and $1.90 compared to $1.72 in fiscal
    2015
  • Board of Directors Increases Share Repurchase Authorization by $300
    million

IRVING, Texas–(BUSINESS WIRE)–The Michaels Companies, Inc. (NASDAQ: MIK) today announced financial
results for the third quarter ended October 29, 2016.

In a tough environment, I am encouraged we continued to increase
adjusted net income, gain market share, and invest to support our
long-term strategy. We are disappointed our plans did not result in
expected comp and earnings growth, and we have taken steps to position
the fourth quarter for better performance,” said Chuck Rubin, Chairman
and Chief Executive Officer. “We are the leader in the channel, and we
have a strong financial model with consistent cash flows. Although the
industry may be facing some temporary headwinds, we intend to leverage
our leadership position to continue to expand our market share while
continuing to return cash to shareholders.”

Third Quarter Highlights

  • Net sales increased 5.0% to $1.227 billion, from $1.168 billion in the
    third quarter of fiscal 2015. The increase was primarily a result of
    the acquisition of Lamrite West in February 2016 and sales from 19
    additional stores (net of closures). Comparable store sales decreased
    2.0% driven by a decrease in customer transactions, which was
    partially offset by an increase in average ticket.
  • Gross profit increased 0.2% to $466.6 million, from $465.6 million in
    the third quarter of fiscal 2015. As a percentage of net sales, gross
    profit was 38.0% compared to 39.8% in the third quarter of fiscal
    2015. The decrease, as a percentage of net sales, was due to a higher
    mix of sales from merchandise sold on promotion, the timing of
    distribution-related costs, and the acquisition of Lamrite West,
    including the impact of Lamrite West’s wholesale business, which has a
    lower gross margin rate than the Michaels business. The decrease, as a
    percentage of sales, was partially offset by improved sourcing and
    pricing efficiencies.
  • Selling, general and administrative expense, including store
    pre-opening costs, (“SG&A”) increased 3.4% to $320.3 million, or 26.1%
    of sales, from $309.7 million, or 26.5% of sales, in the third quarter
    of fiscal 2015. The increase in SG&A was primarily due to $17.3
    million associated with the acquisition of Lamrite West, including
    $1.6 million of integration expenses; expenses associated with the
    operation of 19 additional stores (net of closures); and higher
    professional fees. The increase was partially offset by a decrease in
    incentive-based compensation and lower marketing expense.
  • Operating income was $146.3 million, compared to $155.9 million in the
    third quarter of fiscal 2015. As a percent of net sales, operating
    income was 11.9% compared to 13.3% in the third quarter of fiscal
    2015. Excluding net non-recurring, inventory-related purchase
    accounting adjustments and integration expenses associated with the
    acquisition of Lamrite West, adjusted operating income was $148.6
    million, or 12.1% of net sales.
  • Interest expense decreased $2.3 million to $31.5 million, from $33.8
    million in the third quarter of fiscal 2015 due to a voluntary
    principal payment of $150.0 million on the term loan credit facility
    in the fourth quarter of fiscal 2015 and interest rate savings from
    the refinancing of the revolving credit facility. The Company recorded
    a loss on the early extinguishment of debt of $6.9 million during the
    third quarter of fiscal 2016 related to the refinancing of the term
    loan credit facility in September 2016.
  • The effective tax rate was 29.0% for the third quarter of fiscal 2016,
    compared to 37.0% for the third quarter of fiscal 2015. The lower
    effective tax rate is primarily due to benefits realized from our
    direct sourcing initiatives, certain federal tax credits and a
    decrease in state taxes.
  • Net income was $76.5 million, compared to $76.8 million in the third
    quarter of fiscal 2015. As a percent of net sales, net income was 6.2%
    compared to 6.6% in the third quarter of fiscal 2015. Excluding net
    non-recurring, inventory-related purchase accounting adjustments,
    integration expenses associated with the acquisition of Lamrite West,
    and losses on early extinguishments of debt and refinancing costs,
    adjusted net income for the third quarter of fiscal 2016 was $82.1
    million, or 6.7% of net sales.
  • Diluted earnings per common share was $0.37, flat with the third
    quarter of fiscal 2015. Excluding net non-recurring, inventory-related
    purchase accounting adjustments, integration expenses associated with
    the acquisition of Lamrite West, and losses on early extinguishments
    of debt and refinancing costs, adjusted diluted earnings per common
    share for the third quarter was $0.40.
  • During the third quarter of fiscal 2016, the Company opened 14 new
    Michaels stores, compared with 10 new Michaels store openings in the
    third quarter of 2015. At the end of the third quarter, the Company
    operated 1,221 Michaels stores, 112 Aaron Brothers stores, and 35 Pat
    Catan’s stores.
  • The Company ended the third quarter of fiscal 2016 with $150.0 million
    in cash and cash equivalents, $2.8 billion in debt and $792.7 million
    in availability under its asset-based revolving credit facility.
  • Inventory at the end of the third quarter increased $117.0 million, or
    9.2%, to $1.394 billion, compared to $1.277 billion at the end of the
    third quarter of fiscal 2015. The increase in inventory was due to
    $95.4 million in additional inventory from the acquisition of Lamrite
    West. Average Michaels inventory on a per store basis, inclusive of
    distribution centers, in transit and inventory for the Company’s
    e-commerce site, was flat compared to average inventory per store at
    the end of the third quarter of fiscal 2015.
  • During the quarter, the Company purchased 1.2 million shares, or $29.5
    million, under its share repurchase authorization, previously
    announced in March 2016.

Share Repurchase Authorization

In December 2016, the Board of Directors authorized the Company to
purchase, from time to time, as market conditions warrant, $300 million
of the Company’s common stock, which is in addition to its prior
repurchase authorization. As of December 6, 2016, the total
authorization for future repurchases was approximately $343.5 million.
The share-repurchase program does not have an expiration date, and the
timing and number of repurchase transactions under the program will
depend on market conditions, corporate considerations, debt agreements,
and regulatory requirements.

Fourth Quarter and Fiscal Year 2016 Outlook:

For the fourth quarter of fiscal 2016, the Company expects:

  • Comparable store sales growth to be flat to down 1.5%;
  • Adjusted operating income of $335 million to $348 million;
  • Interest expense to be approximately $31 million;
  • The effective tax rate to be approximately 36%; and
  • Adjusted diluted earnings per common share of $0.94 to $0.98, based on
    diluted weighted average common shares of 204 million.

For fiscal 2016, the Company expects:

  • Comparable store sales to be approximately flat;
  • Total net sales growth, including revenues from Lamrite West, of 5.8%
    to 6.2%;
  • Approximately 1.3% sales growth from 22 net new store openings,
    including 3 new Pat Catan’s stores;
  • Lamrite West to generate $225 million to $250 million in revenues;
  • Adjusted operating income to be in the range of $724 million to $737
    million, excluding approximately $14 million to $15 million of
    integration costs and net non-recurring, inventory-related purchase
    accounting entries;
  • Annual interest expense to be approximately $127 million;
  • The effective tax rate to be approximately 35%;
  • Adjusted diluted earnings per common share to be between $1.86 and
    $1.90, based on diluted weighted average common shares of
    approximately 207 million; and
  • Capital expenditures of between $115 million and $125 million.

Conference Call Information

A conference call to discuss third quarter financial results is
scheduled for today, December 6, 2016, at 8:00 am CST. Analysts and
investors who would like to join the conference call are encouraged to
pre-register for the conference call using the following link: http://dpregister.com/10096593.
Callers who pre-register will be given a conference call passcode and a
unique PIN to gain immediate access to the call and bypass the live
operator. Participants may pre-register at any time, including up to and
after the call start time. Investors without internet access or who are
unable to pre-register can join the call by dialing (866) 777-2509 or
(412)-317-5413.

The conference call will also be webcast at http://investors.michaels.com/.
To listen to the live call, please go to the website at least 15 minutes
before the call is scheduled to begin to register and download any
necessary audio software. The webcast will be accessible for 30 days
after the call. Additionally, a telephone replay will be available until
December 13, 2016, by dialing (877) 344-7529 or (412) 317-0088, access
code 10096593.

Non-GAAP Information

This press release includes non-GAAP measures including Adjusted EBITDA;
operating income excluding integration costs and non-recurring,
inventory-related purchase accounting entries related to the acquisition
of Lamrite West (“Adjusted operating income”); net income excluding
integration costs, non-recurring, inventory-related purchase accounting
entries related to the acquisition of Lamrite West, and losses on early
extinguishments of debt and refinancing costs (“Adjusted net income”);
and earnings per share excluding integration costs, non-recurring,
inventory-related purchase accounting entries related to the acquisition
of Lamrite West, and losses on early extinguishments of debt and
refinancing costs (“Adjusted earnings per share”). The Company has
reconciled these non-GAAP financial measures with the most directly
comparable GAAP financial measures in a table accompanying this
release. The Company believes that these non-GAAP financial measures not
only provide its management with comparable financial data for internal
financial analysis but also provide meaningful supplemental information
to investors. Specifically, these non-GAAP financial measures allow
investors to better understand the performance of the Company’s business
and facilitate a meaningful evaluation of its quarterly and fiscal 2016
diluted earnings per common share and actual results on a comparable
basis with its quarterly and fiscal 2015 results.

In evaluating these non-GAAP financial measures, investors should be
aware that in the future the Company may incur expenses or be involved
in transactions that are the same as or similar to some of the
adjustments in this presentation. The Company’s presentation of non-GAAP
financial measures should not be construed to imply that its future
results will be unaffected by any such adjustments. The Company has
provided this information as a means to evaluate the results of its
ongoing operations. Other companies in the Company’s industry may
calculate these items differently than it does. Each of these measures
is not a measure of performance under GAAP and should not be considered
as a substitute for the most directly comparable financial measures
prepared in accordance with GAAP. Non-GAAP financial measures have
limitations as analytical tools, and investors should not consider them
in isolation or as a substitute for analysis of the Company’s results as
reported under GAAP.

Forward-Looking Statements

This news release includes forward-looking statements which reflect
management’s current views and estimates regarding the Company’s
industry, business strategy, goals and expectations concerning its
market position, future operations, margins, profitability, capital
expenditures, share repurchases, liquidity and capital resources, and
other financial and operating information. The words “anticipate,”
“assume,” “believe,” “continue,” “could,” “estimate,” “expect,”
“forecast,” “future,” “guidance,” “imply,” “intend,” “may,” “outlook,”
“plan,” “potential,” “predict,” “project,” and similar terms and phrases
are intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. The Company
cannot assure investors that future developments affecting the Company
will be those that it has anticipated. Actual results may differ
materially from these expectations due to risks relating to the effect
of economic uncertainty, risks associated with our substantial
outstanding indebtedness of $2.8 billion, changes in customer demand,
risks relating to our failure to adequately maintain security and
prevent unauthorized access to electronic and other confidential
information, increased competition including internet-based competition
from other retailers, risks relating to our reliance on foreign
suppliers, risks relating to how well we manage our business, risks
related to our ability to open new stores and increase comparable store
sales growth, damage to the reputation of the Michaels brand or our
private and exclusive brands, risks associated with executing or
integrating an acquisition, a business combination or major business
initiative, and other risks and uncertainties including those identified
under the heading “Risk Factors” in the Company’s Annual Report on Form
10-K filed with the Securities and Exchange Commission (“SEC”), which is
available at www.sec.gov,
and other filings that the Company may make with the SEC in the future.
If one or more of these risks or uncertainties materialize, or if any of
the Company’s assumptions prove incorrect, the Company’s actual results
may vary in material respects from those projected in these
forward-looking statements. Any forward-looking statement made by the
Company in this news release speaks only as of the date on which the
Company makes it. Factors or events that could cause the Company’s
actual results to differ may emerge from time to time, and it is not
possible for the Company to predict all of them. The Company does not
undertake and specifically disclaims any obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be required
by any applicable securities laws.

About The Michaels Companies, Inc.:

The Michaels Companies, Inc. is North America’s largest specialty
provider of arts, crafts, framing, floral, wall décor, and seasonal
merchandise for the hobbyist and do-it-yourself home decorator. As of
October 29, 2016, the Company owned and operated 1,368 stores in 49
states and Canada under the brands Michaels, Aaron Brothers, and Pat
Catan’s. The Michaels Companies, Inc., also owns Artistree, a
manufacturer of high quality custom and specialty framing merchandise,
and Darice, a premier wholesale distributor in the craft, gift and decor
industry. The Michaels Companies, Inc. produces a number of exclusive
private brands including Recollections®, Studio Decor™, Bead Landing®,
Creatology®, Ashland®, Celebrate It®, Art Minds®, Artist’s Loft®, Craft
Smart®, Loops & Threads®, Make Market®, Foamies®, LockerLookz®, and
Sticky Sticks®. Learn more about Michaels at www.michaels.com.

 
 
 
 
The Michaels Companies, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
                 
13 Weeks Ended 39 Weeks Ended
October 29, October 31, October 29, October 31,
(in thousands, except per share data) 2016 2015 2016 2015
Net sales $ 1,227,206 $ 1,168,423 $ 3,446,438 $ 3,230,293
Cost of sales and occupancy expense   760,598     702,825     2,124,383     1,949,577  
Gross profit 466,608 465,598 1,322,055 1,280,716
Selling, general and administrative 318,580 308,704 939,093 879,974
Store pre-opening costs   1,704     1,042     4,238     4,326  
Operating income 146,324 155,852 378,724 396,416
Interest expense 31,538 33,840 95,711 105,967
Losses on early extinguishments of debt and refinancing costs 6,887 7,292 6,072
Other expense, net   259     112     188     171  
Income before income taxes 107,640 121,900 275,533 284,206
Provision for income taxes   31,181     45,103     92,692     104,960  
Net income $ 76,459   $ 76,797   $ 182,841   $ 179,246  
 
Other comprehensive income, net of tax:
Foreign currency translation adjustment and other   (3,650 )   88     5,800     (2,819 )
Comprehensive income $ 72,809   $ 76,885   $ 188,641   $ 176,427  
 
Earnings per common share:
Basic $ 0.37 $ 0.37 $ 0.88 $ 0.86
Diluted $ 0.37 $ 0.37 $ 0.88 $ 0.85
Weighted-average common shares outstanding:
Basic 203,864 207,323 205,580 206,629
Diluted 205,313 209,510 207,293 209,325
 
 
The following table sets forth the percentage relationship to net
sales of each line item of our unaudited consolidated statements of
comprehensive income:
 
13 Weeks Ended 39 Weeks Ended
October 29, October 31,

October 29,

October 31,

2016 2015 2016 2015
Net sales 100.0 % 100.0 %

100.0

%

100.0

%

Cost of sales and occupancy expense   62.0     60.2     61.6     60.4  
Gross profit 38.0 39.8 38.4 39.6
Selling, general and administrative 26.0 26.4 27.2 27.2
Store pre-opening costs   0.1     0.1     0.1     0.1  
Operating income 11.9 13.3 11.0 12.3
Interest expense 2.6 2.9 2.8 3.3
Losses on early extinguishments of debt and refinancing costs 0.6 0.2 0.2
Other expense, net                
Income before income taxes 8.8 10.4 8.0 8.8
Provision for income taxes   2.5     3.9     2.7     3.2  
Net income   6.2 %   6.6 %   5.3

%

 

5.5

%

 
 
 
The Michaels Companies, Inc.
Consolidated Balance Sheets
(Unaudited)
             
October 29, January 30, October 31,
(in thousands, except per share data) 2016 2016 2015*
ASSETS
Current Assets:
Cash and equivalents $ 149,970 $ 409,391 $ 114,746
Merchandise inventories 1,394,092 1,002,607 1,277,053
Prepaid expenses and other 85,681 77,000 85,709
Accounts receivable, net 36,927 9,484 9,337
Income tax receivables   26,757     1,231     19,566  
Total current assets   1,693,427     1,499,713     1,506,411  
Property and equipment, at cost 1,759,229 1,661,234 1,645,328
Less accumulated depreciation and amortization   (1,347,027 )   (1,282,727 )   (1,259,921 )
Property and equipment, net   412,202     378,507     385,407  
Goodwill 119,074 94,290 94,290
Other intangible assets, net 24,457 471 488
Deferred income taxes 30,293 40,399 41,457
Other assets   12,016     9,897     10,480  
Total assets $ 2,291,469   $ 2,023,277   $ 2,038,533  
 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable $ 714,198 $ 457,704 $ 557,170
Accrued liabilities and other 378,270 377,606 370,671
Current portion of long-term debt 24,900 24,900 24,900
Income taxes payable       44,640     6,285  
Total current liabilities   1,117,368     904,850     959,026  
Long-term debt 2,734,758 2,744,942 2,897,367
Other liabilities   98,866     97,580     92,065  
Total liabilities   3,950,992     3,747,372     3,948,458  
 
Stockholders’ Deficit:
Common Stock, $0.06775 par value, 350,000 shares authorized; 204,584
shares issued and outstanding at October 29, 2016; 208,996 shares
issued and outstanding at January 30, 2016; and 208,922 shares
issued and outstanding at October 31, 2015
13,703 13,979 13,970
Additional paid-in-capital 468,627 592,420 582,833
Accumulated deficit (2,125,597 ) (2,308,438 ) (2,492,104 )
Accumulated other comprehensive loss   (16,256 )   (22,056 )   (14,624 )
Total stockholders’ deficit   (1,659,523 )   (1,724,095 )   (1,909,925 )
Total liabilities and stockholders’ deficit $ 2,291,469   $ 2,023,277   $ 2,038,533  
 
 
 
*Certain reclassifications of the amounts for fiscal 2015 have
been made to conform to the presentation for fiscal 2016.

   
 
 
The Michaels Companies, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 
      39 Weeks Ended
October 29, October 31,
(in thousands) 2016 2015*
Cash flows from operating activities:
Net income $ 182,841 $ 179,246
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 86,679 85,382
Share-based compensation 11,884 9,483
Debt issuance costs amortization 5,308 6,455
Accretion of long-term debt, net (217 ) (98 )
Deferred income taxes 10,106 7,553
Losses on early extinguishments of debt and refinancing costs 7,292 6,072
Losses on disposition of property and equipment 56
Excess tax benefits from share-based compensation (7,485 ) (14,039 )
Changes in assets and liabilities, excluding acquired net assets:
Merchandise inventories (306,925 ) (318,365 )
Prepaid expenses and other (7,554 ) (13,583 )
Accounts receivable (4,764 ) 3,415
Other assets (353 ) (43 )
Accounts payable 233,266 119,064
Accrued interest 6,716 5,345
Accrued liabilities and other (18,613 ) (34,540 )
Income taxes (63,001 ) (22,412 )
Other liabilities   1,280     (1,065 )
Net cash provided by operating activities   136,516     17,870  
 
Cash flows from investing activities:
Additions to property and equipment (82,163 ) (89,726 )
Acquisition of Lamrite West, net of cash acquired (151,100 )
Purchase of long-term investment   (1,325 )   (5,000 )
Net cash used in investing activities   (234,588 )   (94,726 )
 
Cash flows from financing activities:
Payment of PIK notes (184,467 )
Payments on term loan credit facility (12,450 ) (18,675 )
Borrowings on asset-based revolving credit facility 42,000 45,040
Payments on asset-based revolving credit facility (42,000 ) (45,040 )
Payment of debt issuance costs (11,542 )
Payment of dividends (415 ) (492 )
Proceeds from stock options exercised 15,860 21,398
Excess tax benefits from share-based compensation 7,485 14,039
Common stock repurchased (160,287 ) (20,428 )
Other financing activities       1,932  
Net cash used in financing activities   (161,349 )   (186,693 )
 
Net change in cash and equivalents (259,421 ) (263,549 )
Cash and equivalents at beginning of period   409,391     378,295  
Cash and equivalents at end of period $ 149,970   $ 114,746  
 
 
*Certain reclassifications of the amounts for fiscal 2015 have
been made to conform to the presentation for fiscal 2016.

 
 
 
The Michaels Companies, Inc.
Summary of Operating Data
(Unaudited)
                 
 
The following table sets forth certain of our unaudited operating
data:
 
13 Weeks Ended 39 Weeks Ended
October 29, October 31, October 29, October 31,
2016 2015 2016 2015
Michaels stores:
Open at beginning of period 1,209 1,186 1,196 1,168
New stores 14 10 30 29
Relocated stores opened 4 4 14 17
Closed stores (2 ) (5 ) (1 )
Relocated stores closed   (4 )   (4 )   (14 )   (17 )
Michaels stores open at end of period   1,221     1,196     1,221     1,196  
 
Aaron Brothers stores:
Open at beginning of period 112 118 117 120
Closed stores           (5 )   (2 )
Aaron Brothers stores open at end of period   112     118     112     118  
 
Pat Catan’s stores:
Open at beginning of period 35
Acquired stores 32
New stores           3      
Pat Catan’s stores open at end of period   35         35      
 
Total store count at end of period   1,368     1,314     1,368     1,314  
 
 
Other Operating Data:
Average inventory per Michaels store (in thousands)1 $ 1,040 $ 1,041 $ 1,040 $ 1,041
Comparable store sales -2.0 % 1.5 % -0.2 % 1.1 %
Comparable store sales, at constant currency -2.0 % 3.1 % 0.1 % 2.5 %
 

1 The calculation of average inventory per Michaels
store excludes our Aaron Brothers and Pat Catan’s stores.

 
 
 
The Michaels Companies, Inc.
Reconciliation of Adjusted EBITDA (Excluding losses on early
extinguishments of debt and refinancing costs)
(Unaudited)
                 
13 Weeks Ended 39 Weeks Ended
October 29, October 31, October 29, October 31,
(in thousands) 2016 2015 2016 2015
Net cash provided by operating activities $ 160,940 $ 100,941 $ 136,516 $ 17,870
Depreciation and amortization (28,211 ) (29,433 ) (86,679 ) (85,382 )
Share-based compensation (5,294 ) (3,258 ) (11,884 ) (9,483 )
Debt issuance costs amortization (1,548 ) (2,089 ) (5,308 ) (6,455 )
Accretion of long-term debt, net 93 32 217 98
Deferred income taxes (9,487 ) (1,039 ) (10,106 ) (7,553 )
Losses on early extinguishments of debt and refinancing costs (6,887 ) (7,292 ) (6,072 )
Losses on disposition of property and equipment (21 ) (56 )
Excess tax benefits from share-based compensation 214 1,087 7,485 14,039
Changes in assets and liabilities   (33,340 )   10,556     159,948     262,184  
Net income 76,459 76,797 182,841 179,246
Interest expense 31,538 33,840 95,711 105,967
Losses on early extinguishments of debt and refinancing costs 6,887 7,292 6,072
Provision for income taxes 31,181 45,103 92,692 104,960
Depreciation and amortization 28,211 29,433 86,679 85,382
Interest income   (68 )   (46 )   (521 )   (226 )
EBITDA (excluding losses on early extinguishments of debt and
refinancing costs)
174,208 185,127 464,694 481,401
Adjustments:
Share-based compensation 5,294 3,258 11,884 9,483
Severance costs 2,181 331 3,101 1,493
Store pre-opening costs 1,716 1,059 4,284 4,369
Store remodel costs 905 315 895 2,142
Foreign currency transaction losses 146 137 694 114
Store closing costs 924 449 3,076 88
Lamrite integration costs 1,586 7,605
Other (a)   898     436     2,424     2,912  
Adjusted EBITDA $ 187,858   $ 191,112   $ 498,657   $ 502,002  
 
(a) Other adjustments primarily relate to items such as moving and
relocation expenses, franchise taxes, sign on bonuses, and certain
legal expenses.

Contacts

Investor Contacts:
The Michaels Companies, Inc.
Kiley
F. Rawlins, CFA, 972-409-7404
Kiley.Rawlins@michaels.com
or
ICR,
Inc.
Farah Soi / Anne Rakunas, 203-682-8200
Farah.Soi@icrinc.com
/ Anne.Rakunas@icrinc.com
or
Financial
Media Contact
:
ICR, Inc.
Jessica Liddell, 203-682-8200
Julia
Young, 203-682-8208
Michaels@icrinc.com

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